The World Bank has banned about 58 Nigerian companies and individuals found to have engaged in corrupt practices, reaffirming its dedication to upholding integrity and transparency in its projects and operations.

World Bank’s move builds upon the institution’s ongoing efforts to promote accountability and combat corruption.

Among those affected are 39 Nigerian companies previously sanctioned by the African Development Bank (AfDB), as well as 19 individuals identified through the World Bank’s cross-debarment policy.

As a result, a total of 58 entities have been rendered ineligible to participate in projects financed by the World Bank Group.

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The World Bank’s debarment list, updated every three hours, currently includes 1,210 companies and individuals globally.

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Debarment implies that firms and individuals are prohibited from participating in projects financed by the World Bank Group.

According to the World Bank report, the sanctions were imposed following a thorough administrative process, which allowed the accused firms and individuals to respond to the allegations.

The above process adhered to the Bank’s established procedures for sanctions proceedings and settlements in bank-financed projects.

It added that the cross-debarment policy, enacted following the Agreement for Mutual Enforcement of Debarment Decisions (dated April 9, 2010), has been adopted by multiple international financial institutions.

The banks included the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.